Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
111
% (compared with actual operating profit for the fiscal year ended March 2026)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+3.9%
基準 10,349Target10,750million
Operating profit+10.9%
基準 992Target1,100million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROELatest actual: 5.7% (fiscal year ended March 2026) → Over the medium to long term, maintain ROE at a level that consistently exceeds the cost of equity. During the plan period, ROE will be improved incrementally.
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet Sales 10,570 / Operating profit 1,200 / Ordinary income 1,210 → Net Sales 10,349 / Operating profit 992 / Ordinary income 1,347
Statements about the use of capital
Payout ratio / DOE policyThe Company will continue to pay stable dividends while maintaining a balance with the retained earnings necessary to strengthen its financial position and prepare for future business development. The Company will consider increasing dividends when stable earnings growth is expected to continue. The forecast annual dividend for the fiscal year ending March 2027 is ¥18, and the forecast consolidated dividend payout ratio is 23.3%. The numerical DOE target is Not disclosed. The applicable period is the plan period of Medium-Term Vision 2028.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will consider share buybacks flexibly, taking into account its investment strategy, the market price of its shares and the intentions of existing shareholders to sell. The specific acquisition limit, timing and conditions are Not disclosed.
Self-assessment of PBR and share priceThe market valuation, as measured by PBR, is low both in relative and absolute terms. PBR was 0.36x for the fiscal year ended March 2023, 0.40x for the fiscal year ended March 2024, 0.34x for the fiscal year ended March 2025 and 0.42x for the fiscal year ended March 2026. The median PBR by industry on the Standard Market was 0.63x for textiles and apparel, 1.03x for real estate, and 0.96x for all industries.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improving Profitability
02Expanding the stable foundation
03Developing areas that will become future growth pillars
04Enhancing competitiveness and strengthening branding in high-value-added areas
05Building a foundation for securing stable earnings through measures to improve profitability
06Generating stable and sustainable cash flow from existing and new rental properties
07Preventing facility obsolescence through appropriate renovation and improvement, and maintaining an advantage over competing facilities
08Establishing a customer base by creating facilities that multiple generations will want to continue using
09Improving physical and service aspects that are less susceptible to the external environment
10Strengthening the capabilities of the next generation of personnel who will lead the business
11Shifting from reliance on individuals to organizational capabilities
12Fostering a corporate culture that promotes challenge and growth
13Strengthening talent circulation and the organizational foundation with a view to the future
14Talent development and capability building
15Utilization and placement of personnel
16Planned recruitment
17Strengthening digital and data utilization capabilities
18Respect for Diversity
19Promoting Health Management
20Compliance and respect for human rights
Plan assumptionsThe plan will be reviewed each fiscal year on a rolling basis to take into account and reflect the business environment, business investments and other factors. The business performance plan and other projections are based on information available at the time of preparation and certain assumptions deemed reasonable, but are not a guarantee of achievement.
Risks identified by the company
Rising construction costs
Higher interest rates
Continued increases in land prices
Declining golf participation and changes in the customer base
Long-term market contraction
The rise of indoor golf, which is not affected by weather
Diversification of sports and leisure activities
Customers moving away from outdoor activities due to extreme heat
Restrained consumer spending due to rising prices
Delays in systemization and data utilization for reception, tee time management and customer management
| Item | Details |
|---|---|
| Plan name | Medium-Term Vision 2028 |
| Plan period | FY2026-FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥10,349 million → ¥10,750 million（104% (compared with the fiscal year ended March 2026)） |
| Operating profit target | ¥992 million → ¥1,100 million（111% (compared with the fiscal year ended March 2026)） |
| ROE target | Latest actual: 5.7% (fiscal year ended March 2026) → Over the medium to long term, maintain ROE at a level that consistently exceeds the cost of equity. During the plan period, ROE will be improved incrementally. |
| Payout ratio / DOE policy | The Company will continue to pay stable dividends while maintaining a balance with the retained earnings necessary to strengthen its financial position and prepare for future business development. The Company will consider increasing dividends when stable earnings growth is expected to continue. The forecast annual dividend for the fiscal year ending March 2027 is ¥18, and the forecast consolidated dividend payout ratio is 23.3%. The numerical DOE target is Not disclosed. The applicable period is the plan period of Medium-Term Vision 2028. |
| Treasury share acquisition policy | The Company will consider share buybacks flexibly, taking into account its investment strategy, the market price of its shares and the intentions of existing shareholders to sell. The specific acquisition limit, timing and conditions are Not disclosed. |
| Self-assessment of PBR and share price | The market valuation, as measured by PBR, is low both in relative and absolute terms. PBR was 0.36x for the fiscal year ended March 2023, 0.40x for the fiscal year ended March 2024, 0.34x for the fiscal year ended March 2025 and 0.42x for the fiscal year ended March 2026. The median PBR by industry on the Standard Market was 0.63x for textiles and apparel, 1.03x for real estate, and 0.96x for all industries. |
| Plan assumptions | The plan will be reviewed each fiscal year on a rolling basis to take into account and reflect the business environment, business investments and other factors. The business performance plan and other projections are based on information available at the time of preparation and certain assumptions deemed reasonable, but are not a guarantee of achievement. |
| Key initiatives | Improving Profitability, Expanding the stable foundation, Developing areas that will become future growth pillars, Enhancing competitiveness and strengthening branding in high-value-added areas, Building a foundation for securing stable earnings through measures to improve profitability, Generating stable and sustainable cash flow from existing and new rental properties, Preventing facility obsolescence through appropriate renovation and improvement, and maintaining an advantage over competing facilities, Establishing a customer base by creating facilities that multiple generations will want to continue using, Improving physical and service aspects that are less susceptible to the external environment, Strengthening the capabilities of the next generation of personnel who will lead the business, Shifting from reliance on individuals to organizational capabilities, Fostering a corporate culture that promotes challenge and growth, Strengthening talent circulation and the organizational foundation with a view to the future, Talent development and capability building, Utilization and placement of personnel, Planned recruitment, Strengthening digital and data utilization capabilities, Respect for Diversity, Promoting Health Management, Compliance and respect for human rights |
| Results under the previous plan | Net Sales 10,570 / Operating profit 1,200 / Ordinary income 1,210 → Net Sales 10,349 / Operating profit 992 / Ordinary income 1,347 |
| Risks identified | Rising construction costs, Higher interest rates, Continued increases in land prices, Declining golf participation and changes in the customer base, Long-term market contraction, The rise of indoor golf, which is not affected by weather, Diversification of sports and leisure activities, Customers moving away from outdoor activities due to extreme heat, Restrained consumer spending due to rising prices, Delays in systemization and data utilization for reception, tee time management and customer management |
| Date of board resolution | 26 June 2026 |
| Publication date | 26 June 2026 |
Items this document does not state (10)
Operating profit margin targetNet income targetROIC targetCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsReason for revision or withdrawalSize of the Target Market
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The three-year period is positioned as a time to establish the foundation for the next stage of growth, nurture products and services that contribute to people and society, and create the capacity to generate earnings. The business performance plan will be reviewed each fiscal year on a rolling basis to take into account and reflect the business environment, business investments and other factors.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.